The power of blockchain
Decentralised, unhackable and distributed
Picture a spreadsheet that is duplicated across a network of computers many thousands of times. Then imagine that this network is designed to regularly update this spreadsheet and check that all spreadsheets on all computers are the same.
Now imagine, if anyone tries to make changes to their copy of the spreadsheet, then the network of computers holding the other thousands of spreadsheet copies quickly detect this change and eject the changed spreadsheet from the network as invalid.
This is the way the blockchain ensures that no one person can "hack" or change the data. Information is only added to the spreadsheet if the network of computers all agree that the new information is valid and correct.
Consensus
Consensus means everyone agrees that each transaction is valid. The blockchain system is a distributed network of computers, called “nodes”, which validate each others’ data, ensuring that no single node can corrupt or falsify the information.
The application of blockchain technology in agricultural supply chains is increasing. Using the AgriChain platform, every agreement to buy or sell some grain, every freight order, and every other type of agreement within the AgriChain system is validated by the entire network.
Provenance
Provenance means everyone knows where each asset came from, who owned it and at what time. This is because the blockchain system holds a complete history of all transactions that can never be changed - right back to when transactions were first created.
In AgriChain, every asset transaction - be it for wheat, barley, wool or wine - is logged and stored within the blockchain system, from the time it was created to the time it was completed, ensuring absolute visibility of who did what and when.
Immutability
Immutability means no one can tamper with the data - absolutely never! No transaction can be erased or changed once stored on the blockchain system.
In AgriChain, this means that every record, every transaction, every grain contract, every freight movement and supply chain is safe, secure and can never be falsified.